Xi to trumpet China's 'open' markets at trade forum

Tonya Becker |Monday, November 05, 2018

China's Xi promises market opening as import fair begins

There had been speculation that Xi might announce measures aimed at soothing President Donald Trump's hostility toward China and prevent an escalation in the dispute with the US that is expanding beyond trade in goods.

Xi spoke at the opening of China's first national import expo on Monday, an event aimed at showcasing the country's commitment to globalization amid a bitter trade dispute with the U.S.

As tensions have grown with the US, China has stressed its role as a major trade partner with other countries.

While Uhuru said the trade expo provides a platform for more win-win partnerships, his Chinese counterpart, Xi Jingping said his country would take proactive measures to correct the trade imbalance between Kenya and China.

Ma, who's planning on retiring next year, has also said the global business community is opposed to the trade war.

Nations "should not just point fingers at others to gloss over their own problems", Xi said, decrying "protectionism", "isolationism" and "the law of the jungle".

"They should not hold a flashlight in hand, doing nothing but highlighting the weaknesses of others and not their own", he added.

Organisers say more than 3,000 foreign companies from 130 countries including the United States and Europe are present, including General Motors, Ford, Microsoft, Samsung, Walmart and Tesla.

Jarrett noted that Xi promised better protection of foreign patents and other intellectual property, which companies complain are copied or improperly used by Chinese rivals.

"It seems like there were good statements and good headlines, but what we want are concrete actions and a concrete timetable of reform", said Carlo Diego D'Andrea, the Shanghai chairman for the European chamber.

China is taking solid steps to expand financial opening-up, continue to advance opening-up in the service sector, deepen opening-up in agriculture, mining, manufacturing, and accelerate the opening-up process of sectors including telecommunications, education, medical treatment and culture, Xi said.

Dr Fox and the United Kingdom delegation at the expo are using the event to help drive United Kingdom exports as the country prepares to leave the EU.

The Chinese government's top diplomat, State Councillor Wang Yi, said in March that China would import $8-trillion of goods in the next five years.

International Monetary Fund (IMF) Managing Director Christine Lagarde speaks at the opening ceremony of the first China International Import Expo (CIIE) in Shanghai on November 5, 2018.

China ranks 59th out of the 62 countries evaluated by the Organization for Economic Cooperation and Development in terms of openness to foreign direct investment.

China imported $1.84-trillion of goods in 2017, up 16 per cent, or $255-billion, from a year earlier.

Both are seen as eyeing new ways into China.

The US has called China a non-market economy, alleged that Beijing is engaging in a series of "unfair" trade practices and has taken advantage of the global trading system at the expense of other countries.

Tomorrow, President Kenyatta is scheduled to deliver a keynote address at the official opening of the expo.

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